The Start-Up Visa programme provides immigrant entrepreneurs with permanent residence while also aiding them in establishing themselves in Canada

Immigrant entrepreneurs are encouraged to expand their businesses in Canada through this initiative. Successful applicants can connect with private sector groups in Canada to get funding, coaching, and expertise in starting and running a business in Canada.

WHAT ARE THE REQUIREMENTS FOR CANADA’S START-UP VISA?

• Letter of Support by the designated angel investor group or venture capital fund or business incubator.
  • Minimum financial commitment of $200,000 from venture capital fund or $75000 from angel investor, or acceptance into a business incubator program.
  • The organization will send a letter of support to the candidate and a commitment certificate to IRCC.
• Language requirements of CLB 5+ in English and French.
• Proof of Sufficient settlement funds.
• Up to 5 applicants for one business are allowed if;
  • Each holds at least 10% voting rights
  • jointly with the designated organization hold more than 50% voting rights.

DESIGNATED ORGANIZATIONS FOR START-UP VISA

You may receive support from multiple designated organizations, known as syndication. All parties involved must be identified in this case. The designated organization will supply IRCC with a single Commitment Certificate, and the applicant will get a single Letter of Support.

Those who meet the eligibility standards must instead seek a minimum of $75,000 from a Canadian angel investor or $200,000 from a Canadian venture capital fund approved by the Canadian government. No investment funding is required if the applicant is accepted into a qualified Canadian business incubator.

HOW TO APPLY FOR START UP VISA

• Fill out the application form
• Complete the documents checklist
  • Gather all the documents listed in the order specified in the document checklist.
  • Send them all including the completed checklist.
• Pay your application fees
  • Processing Fees
  • Right of Permanent Residence Fees
  • Third party fees including; medical exams, police certificates, and language testing

Type of Applicant	Cost
Individual applicants	$85 CAD
Families applying together	Maximum total fee of $170 CAD
Groups of 3 or more performing artists and their staff	Maximum total fee of $255 CAD

•  Biometrics fees;

• Submit your application
  • Before submitting your application, ensure that it is complete
  • Make sure you have signed all forms
  • Pay your processing fees and include receipts in your application
  • Include all supporting documents

Put all the documents in a 9” x 12” envelope, write “start-up visa” on the outside of the envelope and mail to the appropriate address.

WHAT IS THE PROCESSING TIME FOR CANADA’S START-UP VISA?

The current processing time for the start-up visa is between 12 and 16 months.

WHAT IS THE PEER REVIEW PROCESS?

A peer review method is incorporated to prevent this pilot programme from fraud. Its purpose is to ensure the legitimacy of transactions between investment groups and foreign national entrepreneurs. An immigration officer may request that a peer review panel review a commitment. These panels are created by an industry group representing the sort of investment firm pledging. The National Angel Capital Organization, for example, would be in charge of forming the peer review panel in the case of an angel investor organization.

If the group committing is a venture capital fund, the Venture Capital and Private Equity Association of Canada is in charge. Peer reviews can be requested if the immigration officer believes it would help them make a better decision, but they can also be launched randomly. The immigration officer is not bound by the results of the peer review panel’s evaluation. It will only certify that the investment firm has conducted the necessary checks and investigations by industry norms. It will not express an opinion on the feasibility or wisdom of the idea in question.

The peer review assesses the designated organization’s level of due diligence and looks at things like:

• Verifies that the business was or will be incorporated in Canada;
• Guarantees that the ownership of the firm is verified and that the program’s standards are met;
• Assures that the designated organization has analyzed the viability of the proposed business model, evaluated the management team for the company endeavour, and confirmed intellectual property ownership;
• Ensures that the company’s focus is on a high-growth-potential product or service; and
• Acceptance into a business incubator programme is validated for candidates.